Credito Emiliano (CE) Q3 2025 earnings summary

Executive summary

• Net profit for 9M25 reached €506.4 million, up 4.2% year-over-year; normalized net profit (excluding €98.6 million gain from merchant acquiring transfer) was €407.7 million.

• Loans to customers grew 4.2% year-over-year to €36.1 billion, significantly outpacing the industry average of 0.9%.

• Total customer funding reached €110 billion, with direct deposits up 5.0%, indirect funding up 8.4%, and insurance reserves up 10.6% year-over-year.

• Over 137,000 new customers were acquired across the group.

• The group maintained strong capital and asset quality, with a CET1 ratio of 17.45% and a gross NPL ratio of 1.7%.

Financial highlights

• Operating income for 9M25 was €1,402.5 million, down 7.1% year-over-year; core operating income rose 2.7% year-over-year.

• Net interest income increased 3.8% quarter-over-quarter but declined 14.6% year-over-year to €723.6 million; non-interest margin increased 2.5% to €678.9 million.

• Operating costs rose 5.7% year-over-year to €683 million, with administrative expenses up 12.3% and staff costs up 2.5%.

• Cost/income ratio increased to 48.7% from 42.8% a year earlier.

• Net operating profit was €637.2 million, down 18.7% year-over-year.

Outlook and guidance

• Management expects stabilization of the financial margin in late 2025, with core revenues set to increase, driven by recurring commissions and positive net production in managed savings and insurance.

• The Group maintains a high capital buffer and strong liquidity, supporting future expansion and resilience.

• The group will continue to focus on volume growth, customer spread performance, and ESG initiatives.